The benchmark opened 72 points lower at 22,770 and hit an intraday low of 22,497 within the first 75 minutes. It rallied ~280 points by 2:30 pm but gave back some gains in the final two hours, ending 50 points below the start.
Sectoral swings were mixed: consumer durables, media and healthcare led gains, while oil & gas, IT and realty slid. Apollo Hospitals Enterprise, Larsen & Toubro and Trent were the top gainers; Infosys, Reliance Industries and Oil & Natural Gas Corporation lagged.
Midcap and smallcap indices outperformed the benchmark, with the Nifty Midcap 100 up 0.43% and the Nifty Smallcap 100 rising 0.9%.
The rupee weakened 10 paise to 95.22 as crude prices climbed 1.5% following a Saudi refinery attack, adding volatility ahead of three key RBI policy announcements.
Nandish Shah of HDFC Securities notes the index is consolidating in a tight 22,400–22,800 band. A break above 22,800 could unlock the next resistance at 23,175; a dip below 22,400 might push it toward 22,180. Sudeep Shah of SBI Securities highlights 22,500–22,530 as near‑term support, while 22,830–22,850 is an immediate hurdle.
Looking ahead, traders will watch for a decisive move beyond the 22,800 mark to gauge momentum, while central‑bank policy releases next week could further tighten the range.